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The Takeover Panel is investigating whether advisers to the flotation of controversial Indonesian coalminer Bumi knew about a “concert party” arrangement between two key shareholders.

What JPMorgan Cazenove and Nat Rothschild may or may not have known is being examined, as are disclosures made by shareholders in relation to the close financial relationship between Indonesia’s Bakrie family and Rosan Roeslani.

A ruling by the panel in December means that the Bakries and Mr Roeslani, chairman of PT Recapital Advisors, must sell down their joint shareholdings to less than 30 per cent because they did not declare that they were a